The Polishing Department of Coronado Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process.**Production**: Beginning inventory consists of 1,520 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 46,300; ending inventory of 6,800 units is 10% complete as to conversion costs.**Manufacturing Costs**: Beginning inventory costs comprise $20,500 of materials and $34,645 of conversion costs; materials costs added in Polishing during the month total $204,254; labor and overhead applied in Polishing during the month amount to $126,100 and $258,340, respectively.### Task (a)Compute the equivalent units of production for materials and conversion costs for the month of September.#### Table:| | Materials | Conversion Costs ||------------------------|-----------|------------------|| The equivalent units of production | | | Swifty Industries Inc. manufactures dorm furniture through separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Below are the production and cost data for the first process involved in making a product.**Cutting Department****Production Data – July**- **T12 Tables** - Work in process units, July 1: 0 - Units started into production: 20,400 - Work in process units, July 31: 3,060 - Work in process percent complete: 60%**Cost Data – July**- Work in process, July 1: $0- Materials: $387,600- Labor: $239,088- Overhead: $106,080**Total Cost:** $732,768**Instructions:** (a1) Compute the physical units of production for T12 Tables. - Units to be accounted for: [Blank space for answer entry]

Under FIFO, opening WIP, the part which is not manufactured in earlier period will be produced in current period. For Coronado Company: Total Inputs = opening WIP + Units introduced = 1,520 + 46,300 = 47,820 Ending inventory = 6800 units Therefore, total units completed = 47,820 - 6800 = 41,020 units Out of these 41,020 units, 1,520 are opening inventory completed while rest 39,500 are introduced and completed in this period only.Calculation of equivalent units of production: Materials Conversion Costs Output Physical Units % completion units % completion units Opening inventory completed 1520 100-100=0% 0 100-30=70% 1064 Units Introduced and completed 39500 100% 39500 100% 39500 Closing inventory 6800 100% 6800 10% 680 Equivalent units 47,820 46,300 41,244 For Swifty Industries The total number of units that were started into production were equal to 20,400 units, out of these 3060 units were not completed by the end of the period but rest 20,400 - 3,060 = 17,340 units were completed. While counting the physical units of production, total physical units will include both completed and work in process units irrespective of their completion percentage, therefore, total physical units will be 3,060 + 17,340 = 20,400 units

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The Polishing Department of Coronado Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. Production: Beginning inventory 1,520 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 46,300; ending inventory of 6,800 units 10% complete as to conversion costs. Manufacturing costs: Beginning inventory costs, comprised of $20,500 of materials and $34,645 of conversion costs; materials costs added in Polishing during the month, $204,254; labor and overhead applied in Polishing during the month, $126,100 and $258,340, respectively. (a) Compute the equivalent units of production for materials and conversion costs for the month of September. Materials Conversion Costs The equivalent units of production

The Polishing Department of Coronado Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. Production: Beginning inventory 1,520 units that are 100% complete as to materials and 30% complete as to conversion costs; units started during the period are 46,300; ending inventory of 6,800 units 10% complete as to conversion costs. Manufacturing costs: Beginning inventory costs, comprised of $20,500 of materials and $34,645 of conversion costs; materials costs added in Polishing during the month, $204,254; labor and overhead applied in Polishing during the month, $126,100 and $258,340, respectively. (a) Compute the equivalent units of production for materials and conversion costs for the month of September. Materials Conversion Costs The equivalent units of production

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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